Wednesday, December 2, 2020

Body Corporate And Community Management Act 1997

Chapter 5
Part 2
Division 3
Section 214

Variation of disclosure statement by further statement | Section 214

(1)This section applies if the contract has not been settled, and—

(a)the seller becomes aware that information contained in the disclosure statement was inaccurate as at the day the contract was entered into; or

(b)the disclosure statement would not be accurate if now given as a disclosure statement.

(2)The seller must, at least 21 days before the contract is settled, give the buyer a further statement (the further statement) rectifying the inaccuracies in the disclosure statement.

(3)The further statement must—

(a)be signed by the seller; and

(b)to the extent, if any, the statement rectifies inaccuracies in the building format lot particulars, volumetric format lot particulars or standard format lot particulars mentioned in the disclosure statement—be certified as accurate by a cadastral surveyor.

(4)The buyer may terminate the contract if—

(a)it has not already been settled; and

(b)the buyer would be materially prejudiced if compelled to complete the contract, given the extent to which the disclosure statement was, or has become, inaccurate; and

(c)the termination is effected by written notice given to the seller within 21 days, or a longer period agreed between the buyer and seller, after the seller gives the buyer the further statement.

(5)Subsections (1) to (4) continue to apply after the further statement is given on the basis that the disclosure statement is taken to be constituted by the disclosure statement and any further statement.

(6)If the seller fails to comply with this section, the buyer may terminate the contract by written notice given to the seller if—

(a)the contract has not already been settled; and

(b)the buyer would be materially prejudiced, if compelled to complete the contract, given the extent to which the disclosure statement was, or has become, inaccurate.

© Sourced from the Queensland Legislation website at 1 April 2020. For the latest information on Queensland Government legislation please go to https://www.legislation.qld.gov.au.

Disclaimer: Reproduced from the Body Corporate and Community Management Act 1997. This website does not give legal advice or other professional advice. You should seek legal or other professional advice before acting and not rely on any of the content on this website.

didn't find what you are looking for?

Try searching for It

Hello!

Drop us a message!